"Is it a stretch to say that the S&P will trade at one standard deviation over its 20 year mean? That would equal 18.7 times 2014 earnings, which would put the S&P north of 2,050 – I don't think that's a stretch," he added…The naysayers will come in and say global growth is stagnant, economic growth is anemic. The reality is that this is the first year since 1995 that we've had simultaneous growth in China, Europe, the U.S. and Japan. Yes, it's slow but valuations aren't stretched," he added.
Tuesday, the S&P was up 0.6% to 1772 (rounded) for another new high at the close.